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The New Jersey property disclosure statement is a form that sellers of residential real estate may use to inform potential buyers of the property condition prior to the sale. It is typically provided to potential buyers when a formal offer is made on the property.
The state of New Jersey is a “buyer beware” state, meaning that the seller of the property will not be held liable for any issues found with the property after the sale is complete. However, the seller is obligated to inform potential buyers of any known material defects before the sale, and any misrepresentations may be faced with legal action. The state also requires that the premises be livable, even if the property is sold “as is.”
Laws – § 46:3C-10(c)
Purchase Agreement – The buyer and seller of a residential property may use this document to agree to the terms and conditions of a sale. If the premises is newly constructed, the seller must also inform the buyer of the availability of lists that detail any off-site conditions that may affect the property value.